PhonePe IPO: Walmart-owned PhonePe has started the process of launching an IPO. For this, the company has selected 4 investment banks as advisors. These 4 investment banks are Kotak Mahindra Capital, JP Morgan, Citi and Morgan Stanley. PhonePe recently announced that the company is gearing up for an IPO.
What is PhonePe Plan?
Fintech firm PhonePe was valued at $12 billion during the last fund raising round held in 2023. It is now expected to reach $15 billion. According to Moneycontrol sources, PhonePe intends to start the IPO process in the first week of March and has roped in Kotak Mahindra Capital, JP Morgan, Citi and Morgan Stanley. More consultants are likely to be added at a later stage if required. The listing of the IPO is expected in FY26, another source said. This means that the listing can take place in the new financial year starting from April.
PhonePe IPO Review
PhonePe’s total income rose 73.78 per cent to Rs 5,064 crore in FY24 from Rs 2,914 crore in FY23. The company reduced its net loss from ₹2,795 crore to ₹1,996 crore, showing improvement in its financial position. Excluding ESOP costs, PhonePe reported a post-tax profit of ₹197 crore in FY24 as against a loss of ₹738 crore in FY23. This improvement reflects better cost management and revenue growth, with the company maintaining a strong position in the Fintech industry.
PhonePe Limited Big Tech IPO
The source told Moneycontrol that it is expected to be a big tech IPO. The issue size is likely to be over a billion dollars. These are early reports but plans can change depending on market conditions. According to the source, the company is eyeing a valuation of up to $15 billion.
PhonePe Limited About the company
Walmart is the promoter of PhonePe. Its other investors include Microsoft, General Atlantic, Tiger Global, Ribbit Capital, TVS Capital, Tencent and Qatar Investment Authority. PhonePe has shifted from Singapore to India in December 2022. It has around 48 per cent market share in Unified Payments Interface (UPI), the real-time mobile payment platform operated by NPCI (National Payments Corporation of India). Google Pay is the second largest platform with around 37 percent market share.
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